The European environmental hazardous waste recycling services company Befesa S.A. continues to deliver solid operating and financial results with disciplined execution of organic projects, growing its portfolio and cash flows. In addition, since its IPO in November 2017, the company has established a track record under its new financial policy, which improves predictability and supports further deleveraging. We are therefore raising our long-term issuer credit rating on Befesa S.A. to 'BB' from 'BB-'. The stable outlook reflects the company's ability to further expand its portfolio and deleverage in the coming years, while building some headroom under the rating. On Dec. 11, 2018, S&P Global Ratings raised its long-term issuer credit rating on the European environmental hazardous waste recycling company Befesa
